New Delhi, April 06, 2023 (GLOBE NEWSWIRE) -- The global smart airport market is poised to generate revenue of US$ 82,984.8 million in 2031, up from US$ 32,151 million in 2022, at a CAGR of 10.9% over the forecast period from 2023 to 2031.
Get Free sample copy of this report @ https://www.astuteanalytica.com/request-sample/smart-airport-market
The smart airport market is a rapidly growing industry that is expected to continue expanding in the coming years. The market involves the integration of advanced technologies into airport infrastructure to create an intelligent, efficient, and seamless airport experience for passengers. This includes technologies such as biometric facial recognition, smart luggage tracking systems, automated check-in and boarding, and artificial intelligence-powered security screening.
The growth of the market is attributed to the increasing need for efficient airport operations, growing air passenger traffic, and the adoption of digital technologies in the aviation industry.
One of the key factors driving the growth of the smart airport market is the rising demand for seamless travel experiences. Passengers are looking for a more efficient and stress-free travel experience, and airports are investing in smart technologies to meet these demands. Smart airport technologies help reduce the time spent on check-in, security screening, and boarding, thereby improving the overall passenger experience. Additionally, these technologies help reduce the operational costs for airports, as they can automate many of the manual processes involved in airport operations.
Rapid adoption of adoption of Internet of Things (IoT) devices and the rise of smart cities to add fuel to the growth of the smart airport market in the years to come. Smart airports are a part of the larger smart city infrastructure and are expected to play a significant role in shaping the future of transportation. Smart airports are expected to become more integrated with other modes of transportation, such as trains and buses, to create a seamless travel experience for passengers.
Key Developments that Would Support Expansion of Smart Airport Market
- Government Investment: Many governments around the world are investing heavily in smart airport technologies to improve airport efficiency, reduce operational costs, and enhance passenger experience. For instance, the Indian government has announced plans to invest $60 billion to modernize and expand its airport infrastructure over the next 15 years, with a significant portion of this investment going towards the adoption of smart technologies.
- According to a report by the Airports Council International (ACI), there are currently over 100 new airports being planned or under construction around the world, with a total investment of over $60 billion across India. These new airports are being designed with smart technologies in mind, with a focus on creating a seamless and efficient passenger experience.
- Passenger Traffic: According to the International Air Transport Association (IATA), global air passenger traffic is expected to double by 2037, reaching 8.2 billion passengers annually. This growth in passenger traffic is driving the demand for smart airport market to improve efficiency and reduce wait times.
- Adoption of Biometric Technologies: The adoption of biometric technologies such as facial recognition and fingerprint scanning is rapidly increasing in airports around the world. According to a report by SITA, 77% of airports plan to invest in biometric ID management solutions by 2022, up from 59% in 2018.
- Digital Transformation: The digital transformation of the aviation industry is driving the adoption of smart airport technologies. According to a report, the aviation industry is expected to spend $50 billion on digital transformation initiatives between 2019 and 2023, with a focus on enhancing passenger experience and improving operational efficiency.
Browse summary of the report and Complete Table of Contents (ToC): https://www.astuteanalytica.com/industry-report/smart-airport-market
Challenges in Global Smart Airport Market
The smart airport market is growing rapidly, but it is not without its challenges. some of the current challenges:
- Cost: The cost of implementing smart airport technologies can be high, and many airports may struggle to justify the investment.
- Integration: Integrating smart airport technologies with legacy systems can be challenging, and may require significant resources and expertise.
- Privacy Concerns: The use of biometric identification and other advanced technologies raises privacy concerns among passengers and other stakeholders.
- Cybersecurity: Smart airport technologies are vulnerable to cyberattacks, which can have serious consequences for airport operations and passenger safety.
- Regulatory Issues: Regulations and standards around smart airport technologies are still evolving, which can create uncertainty for airports and technology providers.
Business Application to Hold Lion’s Share in Smart Airport Market
The business application segment includes solutions that are designed to improve airport operations and management, such as airport resource management, business intelligence, and revenue management. This segment is expected to grow at a significant rate, driven by the increasing demand for efficient and cost-effective airport operations.
According to a market research report by Astute Analytica, the business application segment of the market is expected to grow at a CAGR of 12.2% during the forecast period. The report also states that the business application segment accounted for the largest share of the smart airport market in 2022, followed by the core segment.
The growth of the business application segment is attributed to the increasing adoption of digital technologies in airport operations, the need for real-time data analytics and insights, and the growing demand for efficient and cost-effective airport management. The adoption of cloud-based solutions, artificial intelligence, and big data analytics is also expected to drive the growth of the business application segment in the market.
Smart Airport Market is Highly Consolidated, Top 5 Players to Hold More than 50% Market Share
The market is highly consolidated, with a few key players dominating and accounted for more than 50% of the total market revenue in 2022. These players include:
- Siemens AG
- Honeywell International Inc.
- IBM Corporation
- Cisco Systems Inc.
- Collin Aerospace
These companies are major players, offering a range of solutions and services to airport operators and airlines. They are investing heavily in research and development to stay ahead of the competition and maintain their market share.
The high level of consolidation in the market is driven by several factors, including the high cost of developing and implementing smart airport technologies, the complex nature of airport operations, and the need for specialized expertise in airport infrastructure and operations. This has made it difficult for new players to enter the market, and has resulted in a small number of dominant players.
However, as the smart airport market continues to grow and evolve, there may be opportunities for new players to enter the market and disrupt the dominance of the top players. This could be driven by the development of new technologies, changing market dynamics, and evolving customer demands.
Some of the Top Market Players Are:
- Adelte
- Ascent Technology Inc.
- Amadeus IT Group SA
- Ansul
- Cisco System
- Collins Aerospace
- Deerns Airport System Consultants
- Daifuku Co., Ltd.
- Sensec Solution AS (Initially DSG Systems)
- FB Technology
- Honeywell International, Inc.
- Huawei Technologies Co., Ltd.
- IBM Corporation
- Indra
- SITA
- Lufthansa Systems GmbH & Co. KG.
- QinetiQ
- RESA
- S.A.S.
- Sabre Corporation
- Selex ES
- Siemens AG
- T-Systems
- Thales Group
- Vanderlande Industries
- Vision-Box
- Wipro Limited
- Zensors
- Other Prominent Players
Directly Purchase a copy of report with TOC @ https://www.astuteanalytica.com/inquire-before-purchase/smart-airport-market
About Astute Analytica
Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
Contact us:
Aamir Beg
BSI Business Park, H-15,Sector-63, Noida- 201301- India
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
Email: sales@astuteanalytica.com
Website: www.astuteanalytica.com
